Australian Securities and Investments Commission

Section 1: Agency overview and resources; variations and measures

Overview

There has been no change to the overview included in the 2005-06 Portfolio Budget Statements (page 179).

Table 1.1: Agency outcomes and output groups

Additional estimates and variations to outcomes

The following variations contributed to a net increase in agency outputs of $8.6 million for the Australian Securities and Investments Commission (ASIC) in 2005-06.

Variations — measures

Table 1.2: Additional estimates and variations to outcomes — measures

Other variations to appropriations

Increase in the price of outputs

There was no revision to Government parameters to restate the current year.

Table 1.3: Additional estimates and variations to outcomes — other variations

This table is not applicable to ASIC.

Measures — agency summary

Table 1.4: Summary of measures since the 2005-06 Budget

Breakdown of additional estimates by appropriation bill

Table 1.5: Appropriation Bill (No. 3) 2005-06

Table 1.6: Appropriation Bill (No. 4) 2005-06

Summary of staffing changes

Table 1.7: Average Staffing Level (ASL)

Summary of agency savings

There were no savings in agency departmental outputs in 2005-06.

Table 1.8: Summary of agency savings

This table is not applicable to ASIC.

Other receipts available to be used

Table 1.9 provides details of other receipts available to be used and include Commonwealth Authorities and Companies Act 1997 (CAC) body receipts that are available to be spent, special accounts (non-appropriation receipts) and resources received free of charge.

Table 1.9: Other receipts available to be used

Estimates of expenses from special appropriations

Table 1.10: Estimates of expenses from special appropriations

Banking Act 1959: Approved Deposit Taking Institutions, being Banks, Building Societies and Credit Unions, are required to remit to the Government, the balance in bank accounts that have remained dormant for seven years. This special appropriation covers repayments estimated to be made to claimants from the Banking Unclaimed Monies Account where the validity of the claim has been established by the relevant institution.

Life Insurance Act 1995: Life Insurance Companies and Friendly Societies are required to remit to the Government amounts payable on matured life insurance policies that have remained unclaimed for seven years. This special appropriation covers estimated payments made to claimants from the Life Unclaimed Monies Account where the validity of the claim has been established by the relevant Life Insurance Companies.

Refund of overpayment of fees paid under the Corporations Act 2001: All fees and charges collected in accordance with the Corporations Act 2001 are banked into consolidated revenue in accordance with section 81 of the Constitution. In 2005-06 it is forecast that an amount of $6 million of overpaid fees and charges will be refunded. This requires separate appropriation in accordance with section 83 of the Constitution (appropriated under section 28 of the Financial Management and Accountability Act 1997).

Estimates of special account flows

Table 1.11: Estimates of special account flows

The special accounts are governed by section 20 of the Financial Management and Accountability Act 1997 (FMA Act 1997).

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